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are written tim geithner's going to go down as one of our finest secretaries of the treasury. our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. >> brown: at 57, lew is already a 30-year veteran of washington. he was a principal domestic policy advisor to house speaker tip o'neill in the 1980's, and negotiated with the reagan white house on social security and tax reform. later, he served two stints as the country's budget director first under president clinton, then under president obama before becoming white house chief of staff. today, in the east room of the white house, the nominee voiced his gratitude. >> thank you mr. president for your trust confidence and friendship. serving in your administration has allowed me to live out those values my parents ensiled in me and i look forward to continuing with the challenges ahead. >> brown: lew, and other top administration officials, face the immediate task of negotiating with republicans on
are written tim geithner's going to go down as one of our finest secretaries of the treasury. our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. >> brown: at 57, lew is already a 30-year veteran of washington. he was a principal domestic policy advisor to house speaker tip o'neill in the 1980's, and negotiated with the reagan white house on social...
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tim geithner headed the bank of new york. he doesn't have the ties to wall street that a wall street executive might provide. jack lew did work at citigroup briefly, but he doesn't have deep ties there. this is a government person, but the president decided that that's what he needs in a time when he will have a pro trektive fight with republicans over spending cuts, over the budget, over the debt ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue, and tyler, that he would be confirmed pretty easily. even though he has tough questioning at confirmation. >> let's bring in steve liesman. he is low drama, low confrontation. he doesn't have wall street regulatory. who is lew? >> i think the first theng i will do is begin the series of puns beginning with jack lew's name. let me say more about jack lew, we call this one, you don't know jack. >> of course you do. >> this is a financial education. beginning with harvard and georgetown. but that never disqualified anybody. tip o'neill 93 an
tim geithner headed the bank of new york. he doesn't have the ties to wall street that a wall street executive might provide. jack lew did work at citigroup briefly, but he doesn't have deep ties there. this is a government person, but the president decided that that's what he needs in a time when he will have a pro trektive fight with republicans over spending cuts, over the budget, over the debt ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue,...
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thanking tim geithner there. lori: we also have rich edson i believe on site who will check in a little bit later throughout the afternoon. we can't to keep you aprized of other day's headlines. a rise in jobless claims. that of course raising new questions about when the job market will show real strong improvement. ftn financial economist lindsay piegza breaks it down with tracy byrnes and ashley webster next here on fox business. don't miss it ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. ashley: good afternoon, everyone, i'm ashley webster. tracy: and i'm tracy byrnes. we have some breaking news. president obama task jack lew to be the new chief of treasury just in time for a critical battle over the national debt. he has one vocal critic in the senate
thanking tim geithner there. lori: we also have rich edson i believe on site who will check in a little bit later throughout the afternoon. we can't to keep you aprized of other day's headlines. a rise in jobless claims. that of course raising new questions about when the job market will show real strong improvement. ftn financial economist lindsay piegza breaks it down with tracy byrnes and ashley webster next here on fox business. don't miss it ♪ [ male announcer ] how do you make 70,000...
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you recently did, as you know that great interview with tim geithner right here on the "closing bell." how well do you know lew? >> not as well. he was at omb for a brief time, a couple years in this administration, his second go-round there. look, we're learning more about him, and i don't think there's very much mystery here. he would be picked for the job because he's a budget expert, and that also he's a loyalist inside the obama administration and in a place that values loyalty like a lot of white houses, and the question becomes does he have other critical qualifications that say wall street or the international banking and financial system would require, with the big question being, you know, if we were at a place where there was another financial crisis, how well would jack lew, as did robert ruben, hank paulsen and tim geithner do to instill confidence? >> steve, you were right on the money with the jack lew prediction. you and i had this conversation, but i just wonder, you know, there's this antagonistic relationship between the white house and business. >> right. >> there
you recently did, as you know that great interview with tim geithner right here on the "closing bell." how well do you know lew? >> not as well. he was at omb for a brief time, a couple years in this administration, his second go-round there. look, we're learning more about him, and i don't think there's very much mystery here. he would be picked for the job because he's a budget expert, and that also he's a loyalist inside the obama administration and in a place that values...
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are written tim geithner's going to go down as one of our finest secretaries of the treasury. our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. >> brown: at 57, lew is already a 30-year veteran of washington. he was a principal domestic policy advisor to house speaker tip o'neill in the 1980's, and negotiated with the reagan white house on social security and tax reform. later, he served two stints as the country's budget director, first under president clinton, then under president obama, before becoming white house chief of staff. today, in the east room of the white house, the nominee voiced his gratitude. >> thank you mr. president for your trust confidence and friendship. serving in your administration has allowed me to live out those values my parents ensiled in me and i look forward to continuing with the challenges ahead. >> brown: lew, and other top administration officials, face the immediate task of negotiating with republicans o
are written tim geithner's going to go down as one of our finest secretaries of the treasury. our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. >> brown: at 57, lew is already a 30-year veteran of washington. he was a principal domestic policy advisor to house speaker tip o'neill in the 1980's, and negotiated with the reagan white house on social...
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few embody that ideal better than tim geithner. >> tim geithner looks like he is about to explode with laughter listening to the president say that but the phrase is no peacocks, no jerks, no whiners. i mean jerks and whiners, we all get that. but the peacocks part here i think is a term of art. i don't think they mean peacocks in a generic way, i think they mean in a way that is specific to the treasury. here is what i mean. peacocks as birds are strutters, right? they puff their chests out. they like making a big show of their big fantastic feathers, and no offense to our corporate overlords, i'm aware that you can see one particular tiny little peacock often at the top of our screen right now while i am talking. in politics, the peacock metaphor means you are talking about somebody who struts and doesn't deserve to be strutting. someone who talks the talk, but doesn't really walk the walk. and in the case of the treasury in particular, the president's no peacocks line was put into further context when he went on in his remarks to introduce the new treasury secretary nominee just a f
few embody that ideal better than tim geithner. >> tim geithner looks like he is about to explode with laughter listening to the president say that but the phrase is no peacocks, no jerks, no whiners. i mean jerks and whiners, we all get that. but the peacocks part here i think is a term of art. i don't think they mean peacocks in a generic way, i think they mean in a way that is specific to the treasury. here is what i mean. peacocks as birds are strutters, right? they puff their chests...
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and he doesn't have the experience in financial regulation that tim geithner brought to the job having head of the federal reserve bank of new york during the financial crisis. but jack lew is expected to be announced today. the pecked speculation about his replacement as white house chief of staff has centered in the last 24 hours around dennis mcdonna. sources tell me that dennis mcdonough is the chief candidate. ron biden has already been a contender. wool see whether the president pairs the announcement of a new chief of staff with jack lew's appointment today. >> so jack lew seems to have the nomination locked up. danny krugman is expected to be looked go ahead at for treasury secretary. >>> still, that's a subject for great discussion. now let's bring you up to speed with the action on today's global markets report. will i sixuan is with us. hi, sixuan. >> thank you, ross. that surprising number in trade data has helped beat sentiment in asia. the sensex index had a fresh 19-month high in trade before closing up .6%. airline stocks on upgrades. the shanghai composite finished in
and he doesn't have the experience in financial regulation that tim geithner brought to the job having head of the federal reserve bank of new york during the financial crisis. but jack lew is expected to be announced today. the pecked speculation about his replacement as white house chief of staff has centered in the last 24 hours around dennis mcdonna. sources tell me that dennis mcdonough is the chief candidate. ron biden has already been a contender. wool see whether the president pairs the...
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unlike tim geithner who never worked on capitol hill he has a sense how to get deals done in congress. secondly he comes from the liberal wing of the democratic party. i talked to him when i worked on my book about the budget, red ink, last year. he believes in the power of government. he is not going to be very sympatico with people like paul ryan who believe the whole role of the budget exercise is to shrink the government. three, he is realist, pragmatist. he understands if we don't do something to slow the growth of enlightment spending there won't be room to do all the things investment in infrastructure, all those things that matter a lot to the president and to jack lew himself. i suspect that he will be, spend nearly all his time on budget matters and he has a chance of being a deal-maker here, even though so far he hasn't been very successful in that. melissa: what does it mean in terms of the job the treasury secretary does? that if you are known to embrace, more liberal economic policies what would you expect practically to see him do? >> well, it's not the first time we ha
unlike tim geithner who never worked on capitol hill he has a sense how to get deals done in congress. secondly he comes from the liberal wing of the democratic party. i talked to him when i worked on my book about the budget, red ink, last year. he believes in the power of government. he is not going to be very sympatico with people like paul ryan who believe the whole role of the budget exercise is to shrink the government. three, he is realist, pragmatist. he understands if we don't do...
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tim geithner will stay on as treasury secretary until january 25th. that is, of course, not assuming if jack lew is confirmed. geithner is probably gone either way but he will stay on a couple more weeks for the president. so tim geithner will stay on until january 25th. >> the taxing amount of time it will take us to do our taxes this year. it is today's thing that makes you go hhmmm. >> and has gold lost its shine? or is now a golden opportunity to buy? stick around. [ male announcer s joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. ♪ [ male announcer ] some day, your life will flash before your eyes. make it wort
tim geithner will stay on as treasury secretary until january 25th. that is, of course, not assuming if jack lew is confirmed. geithner is probably gone either way but he will stay on a couple more weeks for the president. so tim geithner will stay on until january 25th. >> the taxing amount of time it will take us to do our taxes this year. it is today's thing that makes you go hhmmm. >> and has gold lost its shine? or is now a golden opportunity to buy? stick around. [ male...
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he just had a meeting with treasury secretary tim geithner. it'll be interesting to see what he had to say. sandra: and liz claman live in las vegas getting us a glimpse of tomorrow's tech today. liz: how many of you all out there watching watch youtube videos and say i have to show that to someone? i want to show it on my television right now. panasonic with a new feature that they absolutely believe you will dump your current tv for and by panasonic. youtube to your tv. he will show it to us and it is something he absolutely feels can change behavior for television owners. we will show it to you coming up. over at panasonic. back to you. sandra: we look forward to that. shibani joshi is also at the big show in vegas and she will join us in about 15 minutes with the ceo of qualcomm, find out where he sees mobile technology heading and should know his products are in the most coveted devices out there. ashley: stocks extending into the second session with all three major indices closing in the red. eight of 10 s&p sectors ended lower. telecom,
he just had a meeting with treasury secretary tim geithner. it'll be interesting to see what he had to say. sandra: and liz claman live in las vegas getting us a glimpse of tomorrow's tech today. liz: how many of you all out there watching watch youtube videos and say i have to show that to someone? i want to show it on my television right now. panasonic with a new feature that they absolutely believe you will dump your current tv for and by panasonic. youtube to your tv. he will show it to us...
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interesting how tim geithner in the book describes bob reuben. that will be a big wet kiss. >> good stuff, charlie. thank you so much. >> satellite operator dish launching a new dvr allowing subscribers to watch live tv from wherever their mobile device has connection. >> so happy about this one. we are live at the consumer electronics show with dish ceo joe clayton. ♪ [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ woman ] if you have the nerve to believe that cookie cutters should be for cookies, not your investment strategy. if you believe in the sheer brilliance of a simple explanation. [ male announcer ] join the nearly 7 million investors who think like you do: face time and think time make a difference. join us. [ male announcer ] at edward jones, it's how we make sense of investing. at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporang a business you'd like to start. or questions about pro
interesting how tim geithner in the book describes bob reuben. that will be a big wet kiss. >> good stuff, charlie. thank you so much. >> satellite operator dish launching a new dvr allowing subscribers to watch live tv from wherever their mobile device has connection. >> so happy about this one. we are live at the consumer electronics show with dish ceo joe clayton. ♪ [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals,...
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this from treasury secretary tim geithner who was really installed to deal with the financial crisis. at this point the president is making his pick to deal with federal budgets. the nominee, jack lew, was the budget director for president clinton. here at the obama white house for all these major budget fights he has been at the president's side. >> over the past year i've sought jack's advice on virtually every decision that i have made from economic policy to foreign policy. now one reason jack has been so effective in this town because he is a low-key guy who prefers to surround himself with policy experts rather than television cameras. and over the years he has built a reputation as a master of policy who can work with members of the both parties and forge principled compromises. >> republicans have another take on that reputation. this from senator orrin hatch of utah saying since mr. lou participated in numerous budget negotiations with congress and with four consecutive years of over a trillion dollar deficits, the american people deserve to know, not only that this nominee i
this from treasury secretary tim geithner who was really installed to deal with the financial crisis. at this point the president is making his pick to deal with federal budgets. the nominee, jack lew, was the budget director for president clinton. here at the obama white house for all these major budget fights he has been at the president's side. >> over the past year i've sought jack's advice on virtually every decision that i have made from economic policy to foreign policy. now one...
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. >> sue, is jack lou the right person to replace tim geithner as treasury secretary? and how will apple react it samsung widening its lead over that company in the battle for the smart phone supremecy. more ahead on our power rundown. i've always had to keep my eye on her... but, i didn't always watch out for myself. with so much noise about health care... i tuned it all out. with unitedhealthcare, i get information that matters... my individual health profile. not random statistics. they even reward me for addressing my health risks. so i'm doing fine... but she's still going to give me a heart attack. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-255
. >> sue, is jack lou the right person to replace tim geithner as treasury secretary? and how will apple react it samsung widening its lead over that company in the battle for the smart phone supremecy. more ahead on our power rundown. i've always had to keep my eye on her... but, i didn't always watch out for myself. with so much noise about health care... i tuned it all out. with unitedhealthcare, i get information that matters... my individual health profile. not random statistics....
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. >> and when tim geithner was picked, having worked closely with hank paulson at the federal reserve bank during the crisis, people were comforted by that. they said, well, maybe he's not so liberal. well, as it happened, larry summers was an advocate of more stimulus than others in the administration. so you can't necessarily read that much. events are going to dictate, i think, whether this president adapts his own view necessary a way that people interpret it as going to the center or not. but for the moment, he knows where he is and where he wants to go. and he's picking somebody who can help them achieve his agenda. >> you know, the thing you point out, that this is a situation where business leaders probably wanted one of their own, they may argue they want somebody in there looking for pro growth policies. but maybe more important is somebody who was very familiar with the financial markets. that was somebody that tim geithner created a lot of confidence because he knew the markets so well, knew the underworkings. and when there were big issues, you knew there was somebody who
. >> and when tim geithner was picked, having worked closely with hank paulson at the federal reserve bank during the crisis, people were comforted by that. they said, well, maybe he's not so liberal. well, as it happened, larry summers was an advocate of more stimulus than others in the administration. so you can't necessarily read that much. events are going to dictate, i think, whether this president adapts his own view necessary a way that people interpret it as going to the center or...
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tim geithner stepping down. how do you think it's going to impact? do you think, either of you, if the president were to ask tim geithner to stick around at least through that, like, listen, friend, can you extend this another six weeks because i don't want to go through a nomination fight in the middle of all of this as well, don't you think tim geithner would say okay? >> one thing i learned in politics, if the president of the united states asks you to do something, you usually do it. you do it enthusiastically. i think timothy geithner, i agree with what jimmy was saying, i think he knew for a long time he was leaving. they've had a long time to get their successor in place. i think it is going to be jack lew for a variety of reasons. in this fiscal cliff debate, we saw jack on the sideline and not fighting with the senators. think he was saving him for this nomination process. i think it is going to be jack. >> good to see you both. thanks, guys. >>> today's twitter question is how much control should congress have over a president's cabinet pic
tim geithner stepping down. how do you think it's going to impact? do you think, either of you, if the president were to ask tim geithner to stick around at least through that, like, listen, friend, can you extend this another six weeks because i don't want to go through a nomination fight in the middle of all of this as well, don't you think tim geithner would say okay? >> one thing i learned in politics, if the president of the united states asks you to do something, you usually do it....
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succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know, may be a little affinity, we grew up in the same town. >> that alone could be good. >> different generation. >> maybe a technocrat is what's necessary. no one tells me this guy is acrimonious. the talks may have been. but when we're trying to figure out what to cut, maybe you just need a guy who knows his way around the budget as opposed to a federal reserve guy. i thought tim geithner did a great job, though, and i know i find myself in the minority on that, but he came to the rescue of the system in apparel husband time and i think he good a remarkable job. >> jack lew is well respected by both sides of the aisle
succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know, may be a little affinity, we grew up in the same town. >> that alone could be good....
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if confirmed he would replace tim geithner. because of the possible nomination, lew is taking fire for messy signature. that is what you seeing believe it or not. that says jack lew. they call it the world's worst significant. the signature is generating so much interest it would appear on all dollar bills if he is confirmed. he would try to improve his pen manship if he gets the job. >> it turns out that 90% of filers will pay a tax preparer or use a computer software service. tax code is ten times longer than the bible. complicated tax laws even have irs driag until january 30th so it can catch up with the new laws that are out there. >> there is no sort aj of things you can buy on ebay. the san jose auction website has always wondered if it could streamline the process of selling on the site. business and technology reporter david louie explains the pilot project that ebay is now testing. >> they have six advance making the round in the south bay, new initiative to help people sell goods on the popular website. >> margaret,
if confirmed he would replace tim geithner. because of the possible nomination, lew is taking fire for messy signature. that is what you seeing believe it or not. that says jack lew. they call it the world's worst significant. the signature is generating so much interest it would appear on all dollar bills if he is confirmed. he would try to improve his pen manship if he gets the job. >> it turns out that 90% of filers will pay a tax preparer or use a computer software service. tax code...
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tim is here to explain what he thinks tim geithner's next move is after treasury. >> forget the banks. the face's wealthier are increasingly turning to pawn shops for revolving lines of personal and business credit. details from this booming business from our very own jane wells a little later on in the "closing bell." impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> treasury secretary timothy geithner will formally step down two weeks from today, so what's next for him? steve liesman is here with an interesting take. steve? >> reporter: thanks, maria. geithner will stay at treasury until january 25th. unclear if that's going to mean a seamless transition with the president's nominee jack le
tim is here to explain what he thinks tim geithner's next move is after treasury. >> forget the banks. the face's wealthier are increasingly turning to pawn shops for revolving lines of personal and business credit. details from this booming business from our very own jane wells a little later on in the "closing bell." impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex,...
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i'm told that tim geithner cleaned up the signature becoming treasury secretary. i have to say in all the issues of the country faces, what the signature of the next frsh ri secretary looks like is not one that keeps me awake at night. >> no, no. although easy to understand and why it's so viral this morning. >> it is amusing. >> thanks a lot. >> thank you, carl. >>> they invested in tumblr in 2007, twitter in '08 and twitter's new photo filter, spark capital invested in that company more than three years ago so how does spark know which start-ups are the winner? we'll talk to the founder and managing partner live after the break. ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> as initial investors of hot start-ups seeks that spark capital has a knack for predicting the next big thing but after a rocky fac
i'm told that tim geithner cleaned up the signature becoming treasury secretary. i have to say in all the issues of the country faces, what the signature of the next frsh ri secretary looks like is not one that keeps me awake at night. >> no, no. although easy to understand and why it's so viral this morning. >> it is amusing. >> thanks a lot. >> thank you, carl. >>> they invested in tumblr in 2007, twitter in '08 and twitter's new photo filter, spark capital...
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when you got past geithner, tim geithner, the treasury secretary the rest of them were almost nonentities. he was a real nonentity. the person driving the economic agenda is valerie jarrett. it will be interesting to see how valerie jarrett meshes with jack lew. another story we had had first here on fox business. ashley: aig. >> why did they say no to hank greenberg? there are many reasons why. i'm getting this from inside the company. they were not going to join this lawsuit earlier today. it was, it is so obvious. aig right now is applying to be about is known as a sieve if i firm. ive if i firm. system i financially important firm. systemmally important financial institution they are applying for that. guess who you don't sue. ashley: the federal government. >> this was a nonstarter from the minute they looked eight. should also point out another reason why, they have an ad campaign where they basically talk about how they're thanking the american tax pay fore --. ashley: turning around and suing the taxpayers essentially. >> those two things. systematically important issue made it de
when you got past geithner, tim geithner, the treasury secretary the rest of them were almost nonentities. he was a real nonentity. the person driving the economic agenda is valerie jarrett. it will be interesting to see how valerie jarrett meshes with jack lew. another story we had had first here on fox business. ashley: aig. >> why did they say no to hank greenberg? there are many reasons why. i'm getting this from inside the company. they were not going to join this lawsuit earlier...
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. >>> and finally tonight, my observation on today's nomination of jack lew to replace tim geithner as the new treasury secretary. it's important to look at this in context of what it may mean for the debate on spending cuts as we approach this debt ceiling limit and the fight that is ensuing. tim get near is leaving january 25th. that means lew will be the main point person for this debt ceiling drama. so, what does this mean ahead of what is likely to be another hard fight? perhaps the best clues for that are in an op-ed from two years ago from jack lew. inis entitled "the easy cuts are behind us." the piece absolutely advocates getting out of our debt and getting the debt and deficit under control. but it does so by discussing some cuts in defense and then examples of scaling back things like something called the great lakes restoration initiative. not eliminating it, just cutting it by maybe a quarter of its present cost. a sav
. >>> and finally tonight, my observation on today's nomination of jack lew to replace tim geithner as the new treasury secretary. it's important to look at this in context of what it may mean for the debate on spending cuts as we approach this debt ceiling limit and the fight that is ensuing. tim get near is leaving january 25th. that means lew will be the main point person for this debt ceiling drama. so, what does this mean ahead of what is likely to be another hard fight? perhaps...
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tim geithner is the last original member of the president's economic team. he leaves as three major deadlines loom. by end of february, the treasury will lose the power to borrow more to pay america's bills. across the board spending cuts to every federal program kick in on march 1. the government will run out of all congressional funding by the end of march. the current chief of staff is expected to inherit those headaches as geithner's replacement. president obama promised quick action on vice president joe biden's proposals on new gun control laws following the shootings in newtown, connecticut. >>> in newtown, connecticut, they are being overwhelmed by donations. though town officials said they have more than they can handle, toys, school supplies and other gifts keep pouring in in the wake of the massacre newtown now has a warehouse to hold the items being trucked in every day. a task force will figure out how to deal with all of the donations. >> people just want to feel like they're doing something. >> yes. >>> as we have reported the obama administra
tim geithner is the last original member of the president's economic team. he leaves as three major deadlines loom. by end of february, the treasury will lose the power to borrow more to pay america's bills. across the board spending cuts to every federal program kick in on march 1. the government will run out of all congressional funding by the end of march. the current chief of staff is expected to inherit those headaches as geithner's replacement. president obama promised quick action on...
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that's when the extraordinary measures that tim geithner is using right now to extend it are going to run out. republicans are saying absolutely, no rise in the debt ceiling without an equal number of spending cuts. democrats are saying we're not negotiating with you as all, because as whyte white house press secretary jay carney said look what happened when we tried that in 2011 it resulted in a credit rating downgrade. >> he will not negotiate with congress when it comes to the essential responsibility of congress to pay the bills that congress has incurred. it would be irresponsible to flirt with default. we saw what happened in the summer of 2011 when congress did flirt with default. >> and i think we can conclude from the fiscal cliff debate, maria, is that congress and the white house won't reach an agreement before they absolutely have to, and don't rule out possibility that the white house could yet invoke constitutional authority to unilaterally raise that debt limit if congress is not willing to play ball with them. >> we'll be wag. thanks very much. how far can washington p
that's when the extraordinary measures that tim geithner is using right now to extend it are going to run out. republicans are saying absolutely, no rise in the debt ceiling without an equal number of spending cuts. democrats are saying we're not negotiating with you as all, because as whyte white house press secretary jay carney said look what happened when we tried that in 2011 it resulted in a credit rating downgrade. >> he will not negotiate with congress when it comes to the...
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geithner. a sign the white house expects a big fight over the federal budget lew is the safe pick. he has been confirmed twice by the senate before. just in this administration. if confirmed in time, he can face his first test next month over the debt ceiling. lew is a walk among walks. described in one profile by the huffington post. quote, as harry potter grew up and replaced his magic wand with excel spread sheets. if confirmed lew will be the highest ranking orthodox you don't in government. he grew up in queens. brings his own lunch to work. chose sandwich and an apple which he eats at his desk and still commutes back and forth to new york. catching a train home every friday to spend weekends with his wife. he is well liked in the white house. the p came to depend to the act not many people in washington know the budgeting process. >> jack's economic advice has been invaluable and he has my complete trust both because of his mastery of the numbers but because of the values behind those num
geithner. a sign the white house expects a big fight over the federal budget lew is the safe pick. he has been confirmed twice by the senate before. just in this administration. if confirmed in time, he can face his first test next month over the debt ceiling. lew is a walk among walks. described in one profile by the huffington post. quote, as harry potter grew up and replaced his magic wand with excel spread sheets. if confirmed lew will be the highest ranking orthodox you don't in...
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while they say that, if you remember in the discussions about the fiscal cliff when tim geithner delivers to the republicans the initial offer they don't come back with a counteroffer that says if you want those revenues we want entitlement cuts. they then say to the administration "we want you to propose entitlement cuts so we can turn around and say look you proposed entitlement cuts." so i don't know which it is. i know that in the long run all the economists are going to agree what the root of the challenge. is it's the aging of the the population, rising health care costs and we don't have the tax revenue to cover that. it's not based on excessive spending on food stamps. it's not based on discretionary spending. that is not what the problem is. >> rose: david? >> i think it's significant if republicans have decided they want this next round to be about entitlements rather than spending. because there is no solution in discretionary spending. >> rose: exactly. >> there's not enough money there. >> rose: everything knows that, don't they? i'm surprised everybody doesn't accept that id
while they say that, if you remember in the discussions about the fiscal cliff when tim geithner delivers to the republicans the initial offer they don't come back with a counteroffer that says if you want those revenues we want entitlement cuts. they then say to the administration "we want you to propose entitlement cuts so we can turn around and say look you proposed entitlement cuts." so i don't know which it is. i know that in the long run all the economists are going to agree...
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there's no pretense that they have an interest in spending and when tim geithner's first offer in the negotiations was $1.6 trillion in new revenue, raise the debt ceiling with impunity and have more stimulus spending, that unbridled foolishness that has jarred the gop and the house. so those sort of shutdown questions become easier to coalescing. >> so it's a yes? it's on the table, is that right? >> well, as you and i have talked before, my home state is illinois, which is an example of what not to do. they chose revenues at a state level, didn't deal with the underlying spending drivers and what happened? higher than average unemployment, more per capita debt than any other state in the union almost and been downgraded twice. $7 billion in unpaid bills after the revenues come in. so i'm sensing just in talking to a lot of colleagues today and over the past couple of days a higher level of interest in going much further than they have ever gone before. >> last one, are all revenues off the table as far as you and the house leadership is concerned? >> yeah, that is old news that is n
there's no pretense that they have an interest in spending and when tim geithner's first offer in the negotiations was $1.6 trillion in new revenue, raise the debt ceiling with impunity and have more stimulus spending, that unbridled foolishness that has jarred the gop and the house. so those sort of shutdown questions become easier to coalescing. >> so it's a yes? it's on the table, is that right? >> well, as you and i have talked before, my home state is illinois, which is an...
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how could that impact the man who is now nominated to succeed tim geithner? steve, good morning. >> thanks, carl. first of all, just to what you were talking about earlier, we understand geithner's going to hang out until january 25th in the treasury, giving jack lew to confirm and i guess perfect his signature. let's see what we've learned, what does he leave for jack lew. he got the stress test done. actually, that's not correct there. let's move away from that. what we're talking about here is the -- let me go to my notes. the stimulus was done -- but sustained growth was not. frank dod basel iii was not done. aig also done. what is the geithner model? what is the geithner doctrine? i think you can say like this, overwhelming government force when it's clear it's needed. b in a crisis, spend, regulate and guarantee and do it with conviction. let's talk about one of the things left over from the geithner years, which is going to be the issue of debt and deficit. i think you would say there was some accomplishment when it came to getting some of these deals
how could that impact the man who is now nominated to succeed tim geithner? steve, good morning. >> thanks, carl. first of all, just to what you were talking about earlier, we understand geithner's going to hang out until january 25th in the treasury, giving jack lew to confirm and i guess perfect his signature. let's see what we've learned, what does he leave for jack lew. he got the stress test done. actually, that's not correct there. let's move away from that. what we're talking about...
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even tim geithner is like listen, guys, dropping these hints saying how many times can we go through this. how many times can we keep the clock one second before midnight and i don't know. stuart: to say we run out of money on february 15th, that is not true because you have tax revenue coming at you. simply means the treasury has to decide where it will use -- charles: don't give veterans their benefits, some really stark and tough choices. the money coming in but how you did the out someone will be passed. stuart: two sides are so far apart, president obama said rider told john maynard there is no spending -- tracy: president obama is ignoring the debt commission about the last report of the president's first four years saying over the long run as the baby boomers retire health care costs continue to grow, the situation will become much worse. the debt commission's words, president obama doesn't seem to be listening to that. i don't think anybody at home will disagree, over $16 trillion, we had a spending problem. stuart: they sold the deal of tax the rich, bring in more revenue an
even tim geithner is like listen, guys, dropping these hints saying how many times can we go through this. how many times can we keep the clock one second before midnight and i don't know. stuart: to say we run out of money on february 15th, that is not true because you have tax revenue coming at you. simply means the treasury has to decide where it will use -- charles: don't give veterans their benefits, some really stark and tough choices. the money coming in but how you did the out someone...
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then what's next for tim geithner? a return to the private sector? or maybe another high profile public job at the fed. steve liesman will just a few minutes stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high pra
then what's next for tim geithner? a return to the private sector? or maybe another high profile public job at the fed. steve liesman will just a few minutes stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified....
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it was an attempt to move tim geithner, the outgoing treasury secretary forward a little bit. either guy became very important in the final enproduct, but joe biden who was the key negotiator from the white house. how much is planning and how much is just the way things have always been. cheryl: i don't know. you know, charlie, one of my colleagues here in fox business, reported for months that jack lew would be the new name and gilet near would be out. it's months of reporting. seems to me the president knew a long time ago jack would be the guy. at the same time, it's surprising he would take on a fight like this with congress with when he has the chuck ha golf course e -- chuck hagel fight as well. it's like he doesn't care what republicans or nip thinks in washington and does what he wants. >> i don't see a fight with jack. he's not popular with republicans, that's true, but the other side focuses the fire on one main target, and other people get less, and i think the fire is going to be devoted to, pointed at chuck as you suggest. i think that jack lew, is not wildly popu
it was an attempt to move tim geithner, the outgoing treasury secretary forward a little bit. either guy became very important in the final enproduct, but joe biden who was the key negotiator from the white house. how much is planning and how much is just the way things have always been. cheryl: i don't know. you know, charlie, one of my colleagues here in fox business, reported for months that jack lew would be the new name and gilet near would be out. it's months of reporting. seems to me the...
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geithner. the odds on favorite jack liew. he would expect to be confirmed, but some in the business community, they're concerned, because he has little market or business experience. >>> and an eerie twist here in the search for that missing plane carrying fashion icon vittorio missoni. his wife and five others, a plane vanished friday off the coast of venezuela. but according to these new reports, the son of one of the men on board got a text message sunday night that said and i'm quoting this text, call now, we are reachable. the italian telephone company confirmed the message was sent but couldn't verify when it was written. crews continue the search off the country's coast. >>> in seaside heights, new jersey, look at this. look at this closely with me. this is that roller coaster and you see this man, he climbed to the tip-top of it, to call attention to the recovery from superstorm sandy or the lack thereof. there he is, scaling the same coaster chris christie said he vacationed at, took h
geithner. the odds on favorite jack liew. he would expect to be confirmed, but some in the business community, they're concerned, because he has little market or business experience. >>> and an eerie twist here in the search for that missing plane carrying fashion icon vittorio missoni. his wife and five others, a plane vanished friday off the coast of venezuela. but according to these new reports, the son of one of the men on board got a text message sunday night that said and i'm...
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lew would replace tim geithner who's wanted to step down for a year-and-a-half that has been with the president since the beginning of his administration. reaction already from financial services committee jeb hensarling this morning today. here is his portion of it. i congratulate mr. lew on his nomination that changing the name plate on the door of the treasury secretary office won't improve our economy or save the nation from impending bankruptcy. that can only happen with the needed change in this administration's chief economic policies. president obama has gotten his tax increases and now it's time for him and mr. lew, if confirmed, to focus on the need to cut spending. the other side of the president's so-called balanced approach to the debt reduction. we did have the nomination live on c-span. you can see it on the web site, c-span.org. this week >>> i think that collectivization of the minds of america's founding fathers is particularly dangerous because as i say so often in the book, they were not a collective unit, and presenting them as such intends to dramatically oversim
lew would replace tim geithner who's wanted to step down for a year-and-a-half that has been with the president since the beginning of his administration. reaction already from financial services committee jeb hensarling this morning today. here is his portion of it. i congratulate mr. lew on his nomination that changing the name plate on the door of the treasury secretary office won't improve our economy or save the nation from impending bankruptcy. that can only happen with the needed change...
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reporting who the white house chief of staff is president obama strikes to replace tim geithner as treasury secretary. that could come as early as tomorrow. this as the president continues to develop his team for the second term. the announcement is likely also to be a topic of reporters questions this afternoon during today's white house briefing jay carney will brief media members at 145. you can see that on c-span2. it's about this time of the year state governor's offer their state of state addresses. c-span will bring several and beginning at noon eastern. >>> to this year marks the 100th anniversary of richard nixon's dearth. join us tonight for any event if you ask how many are self identified libertarians, depending on which poll you look at you might be getting between ten to 15%. if you ask questions like if you give people a battery of questions about different ideological things like to you believe in x and y and track those to different ideologies than depending which pull your looking at you get maybe it to 30% of americans calling themselves libertarian. if you ask the follow
reporting who the white house chief of staff is president obama strikes to replace tim geithner as treasury secretary. that could come as early as tomorrow. this as the president continues to develop his team for the second term. the announcement is likely also to be a topic of reporters questions this afternoon during today's white house briefing jay carney will brief media members at 145. you can see that on c-span2. it's about this time of the year state governor's offer their state of state...
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i leave that to tim geithner. >> you could have a great year based on currency fluctuation and horrible year based on things out of your control. >> the kinds of things we're selling, a lot of them are long term capital goods. fluctuations day-to-day are not a big impact. large businesses are more impacted by fluctuations. the larger project whether building power plant or airplanes is less impacted. >> are you frustrated in the slowness of getting trade deals done? >> we had three trade deals done and we're now executing them. we had a record deal in c colombia. still banks think of colombia 10 years ago, not 21st century. it's been a strong market for energy and small business. >> where are we in small business? what's the left you'd like to see done? >> free-trade agreements? >> yes. >> i leave that to the trade reps. i think trade agreements are hard to do. look how long it took to get the last three done. they're just really hard to do. there's a lot of discussion. what i'm really focused on is emerging markets where we step in at the export import bank and close those deals. seein
i leave that to tim geithner. >> you could have a great year based on currency fluctuation and horrible year based on things out of your control. >> the kinds of things we're selling, a lot of them are long term capital goods. fluctuations day-to-day are not a big impact. large businesses are more impacted by fluctuations. the larger project whether building power plant or airplanes is less impacted. >> are you frustrated in the slowness of getting trade deals done? >>...
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tim geithner is out. he'll be replaced by a guy, jack lew, the guy who, if you've been watching the tv over the last day or so, jack lew is the guy who signs his name with what surely looks like a slinky. >>brian: front page "where are the women?" they take a picture and talk about the cabinet of the administration. all the women are being replaced by men. white men too on top of that. let me show you a picture in "the new york times." all we see is valerie jar rhett's leg -- valerie jarrett's leg. >>steve: on december 29 that is the pr-z meeting with ten guys and they're talking about the fiscal cliff. >>brian: could they back up a little. >>gretchen: this is a picture they released the day after, i believe. and you can see valerie jarrett front and center facing the president. then there are two other women who are in the photos. was it a reaction to that original picture? brian, you bring up a good point that there are no minorities -- there's one, i think, in that original picture. it is an interestin
tim geithner is out. he'll be replaced by a guy, jack lew, the guy who, if you've been watching the tv over the last day or so, jack lew is the guy who signs his name with what surely looks like a slinky. >>brian: front page "where are the women?" they take a picture and talk about the cabinet of the administration. all the women are being replaced by men. white men too on top of that. let me show you a picture in "the new york times." all we see is valerie jar rhett's...
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. >> tim geithner who apparently jeff sessions thinks is a great guy, he was at the fed while this stuff was going down. he was part of the clinton administration that deregulated wall street that allowed the whole thing to go down. and yet now he's got gravitas. all of them are tainted, whether it's by bonuses or policy setting. you know, jack lew is one of the less offensive, maybe totally inoffensive thing -- the only thing people are objecting to is the signature. that tells you something. >> what do you make of, say, jeffrey sachs arguing a couple days ago that there's a problem having wall street people going to the treasury because, you know, you've got foxes guarding the henhouse? >> there are two pieces -- actually now like three or four pieces of financial regulation. treasury deals with part of it, but they also have to deal with all sorts of economic policy including maintaining confidence in the financial markets. that used to be one of the big roles that people like bob ruben were to be able to do. there are multiple roles treasury secretary has too do. it isn't just the re
. >> tim geithner who apparently jeff sessions thinks is a great guy, he was at the fed while this stuff was going down. he was part of the clinton administration that deregulated wall street that allowed the whole thing to go down. and yet now he's got gravitas. all of them are tainted, whether it's by bonuses or policy setting. you know, jack lew is one of the less offensive, maybe totally inoffensive thing -- the only thing people are objecting to is the signature. that tells you...
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tim geithner's tenure has been controversial but i think broadly speaking what he did to write the financial system will be considered a tremendous achievement in the annals of economic policy-making. but again, they are in something of a rut, i think, in their economic policy-making at this point, and particularly in their approach to dealing with republicans. a lot of that, i'd say frankly the bulk of that blame falls on the house republicans and john boehner. but it's nevertheless a case that they just put somebody into the treasury department who they intend to have lead a lot of their budget battles who john boehner at this point essentially refuses to work with. during the 2011 negotiations, they said boehner and the republicans said we just don't want to deal with lew anymore. we don't feel we can get him to say yes to us. now, to some degree that might be because lew is reflecting the will of the president, but i just think there's a kind of a siege mentality a little bit at the white house that's showing up in their appointments, which is understandable, but i'm not sure in the long
tim geithner's tenure has been controversial but i think broadly speaking what he did to write the financial system will be considered a tremendous achievement in the annals of economic policy-making. but again, they are in something of a rut, i think, in their economic policy-making at this point, and particularly in their approach to dealing with republicans. a lot of that, i'd say frankly the bulk of that blame falls on the house republicans and john boehner. but it's nevertheless a case...
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geithner, and we expect that announcement tomorrow. jay carney likely to get questions about that today at the white house briefing set to start at 2:15 eastern now, and it will be live here on c-span2 live coverage, a discussion on this year's budget battle from today's "washington journal." >> host: back at the table is the president of club for growth, talking about the republican agenda for the 113th congress. let me show our viewers the "washington times" from mondays and the headline, g.o.p. shut down and sanity jolt as a way to press need for cuts." when it comes to the next budget battles ahead, republican senators, ted cruz, and others, laying the ground work. are you part of the effort or consulting with them on this? what do you think about it? >> guest: we supported people like cruz and others champions of economic freedom in the senate and other house members. we do that because we want fiscal sanity in washington. we endorse people at the club for growth we think hold a pro-growth view, a pro-economic growth agenda. we're
geithner, and we expect that announcement tomorrow. jay carney likely to get questions about that today at the white house briefing set to start at 2:15 eastern now, and it will be live here on c-span2 live coverage, a discussion on this year's budget battle from today's "washington journal." >> host: back at the table is the president of club for growth, talking about the republican agenda for the 113th congress. let me show our viewers the "washington times" from...